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Technology Stocks : Simple Technology - STEC

STEC 1.590

+65.6%

Dec 23 3:59 PM EST

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To: Rudy who started this subject	4/3/2002 8:19:40 PM
From: Rudy	of 36

When looked from TA perspective: 1. Today's volume gives us a big clue. We had early day selling by profit takers and new short positions. I think before today, short interest was at minimum after the last run up. 267K shares changed hands and STEC lost .78. Yesterday we were up a whole buck on 408K volume. Net change and net volume are bullish. within 2 days net 141K were traded on the BUY side! With the decreasing volume the trend did NOT get a strike today. Whereas during the previous 10 days we had 4 (+) days when trading volume and price increased at the same time compared to previous day. 2. Second important fact is that the gap has NOT been closed. Today's low was 8.61 while gap's bottom was 8.56. This is how much strength bears could show today. They were not able to close the gap! Important technical sign. We'll see if they have strenght to try it tomorrow. I think much of the blood letting and shorting is done today. It is very healthy to shake the weak hands time to time. It is like trimming the dead ends of a rose tree. 3. Todays daily chart revealed good support at 8.75. It has been tested well during the day action. 4. When looked at the last 10 days, 1,041K traded on up days and 575K traded on down days. So onbalance volume is healthy. We had 466K net buying. 5. Technically there is strong support at 8 provided by the previous consolidation period. 6. Trendline has not been violated. Bottom edge of the trendline is roughly at 8.50. That also provides good support. From what I can see, the trend is intact and today's pullback with lower volume!!! provided a new chance for adding or taking new positions. I do not care about how over or under valued the company is, whose running it, or even what they do. Chart does not lie. Tomorrow bears may comeback with vengeance and break the trend but until then bulls are still on the driving seat. Good luck all, Rudy

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